JINDALSTEL · Metals & Mining
Jindal Steel Ltd. reported revenue of ₹16,679 cr for July to September 2026, +42.7% on the year and +7.7% on the quarter. That is faster than this quarter has grown in recent years (−2.1% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹61,406 cr, +25.5% on the four before.
Operating profit (EBITDA) was ₹2,571 cr, a margin of 15.4%, −239 bps on the year and −177 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.5% to 24.5%, averaging 17.6%. Operating costs grew +46.9%, faster than revenue at +42.7%, so operating profit grew less than sales.
Net profit was ₹771 cr, +21.4% on the year and −8.6% on the quarter, with earnings per share of ₹7.59. Profit before other income, one-offs and tax grew 10.3%, so 11 points of the headline growth came from outside the core business. The tax rate of 29% is in line with its recent average. Profit over the last four quarters totals ₹2,845 cr, +2.4% on the four before.
Of the 15 companies in Metals and mining that have reported Q2 FY27 so far, Jindal Steel Ltd. ranks 6th on revenue growth; the sector median is +38.3%. Its margin moved −239 bps on the year against a sector median of +137 bps.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹27.98 over the last four quarters, the stock at ₹1,151.40 trades at 41.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Quarterly statements
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹11,701 cr | ₹13,487 cr | ₹13,618 cr | ₹11,213 cr | ₹11,751 cr | ₹13,183 cr | ₹12,294 cr | ₹11,686 cr | ₹13,027 cr | ₹16,218 cr | ₹15,482 cr | ₹16,679 cr |
| YoY | — | — | +8% | −8% | +0% | −2% | −10% | +4% | +11% | +23% | +26% | +43% |
| EBITDA margin | 24.3% | 18.1% | 20.8% | 19.6% | 18.6% | 17.2% | 24.5% | 17.8% | 12.5% | 18.1% | 17.2% | 15.4% |
| Other income, % of PBT | 2% | 3% | 2% | 3% | 2% | −1,608% | 1% | 2% | −13% | −51% | 2% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 0% | 20% | 28% | 29% | 21% | — | 26% | 35% | 44% | 3% | 30% | 29% |
| Net profit | ₹1,928 cr | ₹933 cr | ₹1,338 cr | ₹860 cr | ₹951 cr | −₹304 cr | ₹1,496 cr | ₹635 cr | ₹189 cr | ₹1,041 cr | ₹844 cr | ₹771 cr |
| YoY | — | — | −21% | −38% | −51% | −133% | +12% | −26% | −80% | — | −44% | +21% |
| Core profit YoY | — | — | +7% | −13% | −38% | +9% | +9% | −19% | −67% | +32% | −40% | +10% |
| EPS | ₹18.90 | ₹9.17 | ₹13.14 | ₹8.44 | ₹9.32 | −₹3.33 | ₹14.65 | ₹6.26 | ₹1.87 | ₹10.24 | ₹8.28 | ₹7.59 |
| Flags | · | · | ✓ | ✓ | 1 | 1 | ✓ | ✓ | 1 | 1 | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Jindal Steel Ltd. reported revenue of ₹16,679 cr (+42.7% on the year) and net profit of ₹771 cr (+21.4% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +10.3% on the year, against +21.4% for reported profit.
1 check raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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